SJ Gorowitz, P.C. - Accounting and Tax Articles and News
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The SJ Gorowitz Blog is packed full of important and useful articles and news pertaining to the accounting and tax industries. S.J. Gorowitz Accounting & Tax Services, P.C. is a boutique CPA firm that supports expanding and emerging businesses and their owners with a consultative, inclusive approach to accounting, business advisory, tax, trust and estate.
SJ Gorowitz, P.C. - Accounting and Tax Articles and News
6d ago
Wealth managers and financial industry observers have pointed out that we are in the midst of a great wealth transfer driven by Baby Boomers. As Boomers (the generation born between 1946 and 1964) have aged, the savings and investments they worked hard to accumulate are now passing via inheritance to younger generations.
Yet, what happens when a Boomer has owned a business, and the family has no interest in continuing to run that business? Baby Boomers currently own an estimated 2.3 million businesses, and a projected six out of 10 owners plan to sell their businesses by 2030. In addition, 47 ..read more
SJ Gorowitz, P.C. - Accounting and Tax Articles and News
1M ago
Many people have dreams of starting a business but lack the capital or funding needed to launch their new business ideas.
It’s true: It costs money to start a business. The US Small Business Administration (SBA) says that how to fund a business is one of the first — and most important — decisions business owners must make. Self-funding is one way that entrepreneurs leverage their own financial resources to get a business off the ground and tapping into a 401(k) is one option that many entrepreneurs aren’t aware of.
Using Retirement Savings to Fund a Business
When thinking abo ..read more
SJ Gorowitz, P.C. - Accounting and Tax Articles and News
2M ago
The Securing a Strong Retirement Act of 2022 (SECURE Act 2.0), passed in March 2022, expanded efforts to help Americans achieve retirement savings security.
The bill sought to further remove obstacles to saving for retirement, including a lack of access to employer-sponsored plans. To incentivize employers to open new 401(k) plans, the SECURE Act 2.0 expanded an attractive tax credit. Employers may claim the tax credit for the “ordinary and necessary costs” they incur to set up and administer a retirement plan and educate employees about the plan.
Business Tax Credits for 401(k) Pl ..read more
SJ Gorowitz, P.C. - Accounting and Tax Articles and News
4M ago
The Employee Retention Tax Credit (ERTC) was introduced during the COVID-19 pandemic as a tax incentive for businesses to keep employees on their payroll. To qualify, a business must have suffered financially or experienced operational disruptions because of COVID restrictions.
Even though it has since expired, it’s still possible for eligible employers to claim the ERTC on an original or amended employment tax return for wages paid between March 13, 2020 and December 31, 2021.
IRS Cracking Down on Fraudulent ERTC Claims
The ERTC has generated a lot of interest from employers, many of whom are ..read more
SJ Gorowitz, P.C. - Accounting and Tax Articles and News
5M ago
With the Inflation Reduction Act of 2022 allocating substantial funding to the Internal Revenue Service (IRS) for tax enforcement activities, the IRS has made no secret that it will scrutinize high wage earners, wealthy taxpayers and corporations in a new compliance push.
The agency is expected to hire scores of additional enforcement agents and implement new investigative technology in the upcoming fiscal year. Like many organizations, the IRS is jumping on the artificial intelligence (AI) bandwagon, utilizing AI to better detect tax cheating and compliance threats.
Wealthy Taxpayers and Busi ..read more
SJ Gorowitz, P.C. - Accounting and Tax Articles and News
6M ago
Accounting and bookkeeping are important functions for any company. However, not every business has the resources to hire its own internal staff to handle financial management tasks or become QuickBooks experts.
In addition, as a business grows, its needs will change. Bookkeeping systems that worked well initially may not keep up with expanding operations. For companies that could use extra support with their financial management, deciding to use outsourced accounting services can be a smart choice.
Benefits of Outsourced Accounting Services
Enlisting outsourced accounting services can be high ..read more
SJ Gorowitz, P.C. - Accounting and Tax Articles and News
8M ago
As the Inflation Reduction Act of 2022 (IRA) turns one year old, companies in the renewable energy sector are seeing their growth “turbocharged,” fueled by increased demand for products and services that supply greener sources of power. We’re seeing significant shifts in consumer behavior, whether driven by altruism, climate concerns, or sheer practicality.
As Americans have endured one of the hottest summers on record, all eyes have been on the stability of the energy supply. After experiencing a catastrophic failure during freezing temperatures in 2021, Texas’s grid operator was able to com ..read more
SJ Gorowitz, P.C. - Accounting and Tax Articles and News
8M ago
https://www.sjgorowitz.com/wp-content/uploads/2023/08/northfultonbusinessradio-nfbr_gregsilberman_final.mp3
The post Tax Strategy and Tax Credits, with Greg Silberman, S.J. Gorowitz Accounting & Tax Services appeared first on S.J. Gorowitz Accounting & Tax Services ..read more
SJ Gorowitz, P.C. - Accounting and Tax Articles and News
9M ago
Renewable energy is an area of growing interest for businesses looking to take advantage of the tax incentives included in the Inflation Reduction Act of 2022 (IRA). Because the incentives are so attractive, business owners will want to understand how they might apply to their operations and what they can do to qualify.
What is Alternative, Renewable, Clean and Green Energy?
It may help to start with a basic definition of what qualifies as alternative, renewable, clean and green energy.
Alternative energy is a broad term for any energy that is not derived from fossil fuels. Alternative energ ..read more
SJ Gorowitz, P.C. - Accounting and Tax Articles and News
9M ago
If you own a small- to mid-sized business, finding the right expert for your accounting and bookkeeping needs is critical to your operations. You may have tried to handle those functions yourself at one point and learned quickly that proper accounting can be time-consuming.
With the help of a small business accountant or CPA who offers outsourced accounting and bookkeeping services, you can focus your time and resources on building your business, without having to hire or retrain employees to handle bookkeeping and file tax payments.
Finding the right fit for you and your business is importan ..read more